Ramp raises $300 million Series C

New York-based Ramp closed a $300 million Series C funding round led by Founders Fund at a $3.9 billion valuation, bringing its total funding to over $620 million.

Founded in 2019 and a team of ~140 people, the company offers a corporate card and spend management solution designed to save time and money. “On average customers save 3.3% annually by switching their corporate card spending to Ramp. Finance teams who use Ramp are able to account for and record all their business expenses at month end in just over 2 hours in most cases, representing a 90% reduction in time.”

The company also announced the acquisition of Buyer , a negotiation-as-a-service platform (and team of 6) so it could offer a customized and proactive approach to save on large purchases, which goes beyond the generic perks and discounts that most corporate cards offer today.

Bottom Line: Over 2,000 US businesses are now using Ramp as their primary spend management solution; including startups such as Ro, DoNotPay, Better, ClickUp, and Applied Intuition, in addition to established businesses such as Bristol Hospice, Walther Farms, Douglas Elliman, and Planned Parenthood.